The speech made by the ministrys secretary-general Datuk Hammit Singh at the Palm Oil Economic Review and Outlook Seminar 2015. The seminar was themed Palm Oil: Continuing to Deliver Export Growth Amidst Challenges was organised by the Malaysian Palm Oil Board. The implementation of the Malaysian Sustainable Palm Oil Scheme helps to portray the industry in a positive light which will enhance the market for palm oil as it imports to countries that require certification. In 2014, crude palm oil (CPO) production climbed by 2.3% to 19.6 million tonnes against 19.2 million tonnes in the previous year. The higher production was due to the increase in Oil Extraction Rate by 1.8% to 20.62%t and increase in new matured area, especially in Sarawak. CPO production is expected to continue this upward momentum. Regular build-up of stock, towards the last quarter of 2014, continues to put pressure on palm oil prices.
Posted on: Mon, 26 Jan 2015 07:55:37 +0000